Take the Under: $NUE
Updated
NUE is scheduled to announce earnings in the after market today 22 July 2024. Nucor pre-releases their estimated earnings per share which for the second quarter they are expected to report $2.30 in comparison to $5.81 per share last year.With the company's guidance the 2024 expected EPS is $10.42. For 2025 analyst expect an EPS of 12.01. That translates to a EPS of about 15%.
10.42*15 = $156.3
A price of $156.3 doesn't translate to much downside with only a 3%. However that is based on analyst estimates which have underperformed for the last two quarters.
If you average the P/E ratio of Nucor over the last 7 years the P/E equals about 11. If we apply that to the 2024 estimated earnings it would be:
10.42*11 = $114
I would use these two P/E estimates of $156.3 and $114 as upper and lower bounds for Nucor.
Targets for trade are:
#1: $140
#2: $130
Stop Loss:
#1: $170
Entry Point:
>= $160
Trade closed: target reached
Target reached. Close trade.
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